C
UPGRADING OUR COST TARGET DELIVERING £1.0 BILLION PER ANNUM BY FY32 Clear line of sight to delivering £1.0 billion of annual run-rate savings by FY32
Further savings as network build concludes & benefits of network rationalisation
Capex Cost Benefits of 100% ownership
Upgraded from £0.7bn original target £0.8bn
First year of material opex synergies
Next 5 years
Capex dis-synergies in early years reflecting step up in investment
FY26
FY27
FY30
FY32
66
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